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Top Ten Tips for Getting the Cheapest Travel Insurance

Travel insurance can be very expensive, but when you find the right coverage you can save tons of money. Below are 10 tips for getting the cheapest travel insurance:

1)      Only buy what you need.

  • A few years ago, travel insurance only meant medical travel insurance, but today there are a multitude of add-ons that can up the price significantly.
  • Trip cancellation, interruption, baggage and flight delay insurance can increase your costs significantly.

 

2)      Up the deductible.

  • You’ll almost always pay more for a zero deductible policy.
  • Upping your deductible can potentially be a money saver.

 

3)      Get multiple quotes.

  • Use a quote comparison tool to compare quote prices and policy terms.

 

4)      Look at your credit card perks.

  • Check to see if you already have travel insurance coverage on one of your credit cards or through a work or spousal policy.

 

5)      Consider a multi-trip policy.

  • If you travel regularly, an annual policy (which lets you take multiple trips in one year) might be cheaper than buying several single trip policies.

 

6)      Check if you’re insured already.

  • If you’re thinking of buying baggage or personal effects coverage, call your home or tenant’s insurance company to see if you already have coverage under an existing policy.
  • Many home insurance policies will offer some coverage for your belongings while you’re away from home.

 

7)      Look into a family discount.

  • If you’re traveling as a family, shop around to find a family discount.
  • Many insurance companies will insure minor children for free under their parent’s travel insurance policy.

 

8)      Add on rental car coverage.

  • Consider getting a policy that includes car rental coverage if you’ll be renting a car on your trip.
  • This can be much cheaper than buying insurance with the car rental company, as rental car agencies often charge a fortune for insurance.
  • Be careful, though, as many car rental insurance policies only cover damage to the car, and won’t insure you for damage to other vehicles, or liability if you injure someone in an accident.
  • Be cautious!!

 

9)      Consider credit card travel insurance.

  • Look into getting a credit card with travel insurance coverage included as a perk.
  • Many credit cards offer multi-trip travel insurance policies as part of their perks package.
  • Make sure you purchase your flights and accommodation using your credit card.

 

10)   Cheapest isn’t always best.

  • Make sure you get insurance that meets your needs. For example, if you plan on bungee jumping, skydiving, or any other adventurous sport (even hiking!) make sure your policy covers sports.
  • Many policies won’t cover claims that are related to a pre-existing medical condition (including diabetes), or cover camera or computer equipment.

The next time you plan a trip be cautious of these above tips. Always remember to check your options, buy what you need and don’t forget that cheaper isn’t always better. If you are looking into booking a trip now, or want more information please speak to a McDougall representative where they will be happy to help.

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